We recently navigated a complex mortgage landscape to secure a lifetime mortgage for a 71-year-old UK homeowner with a desire to support her family’s housing dreams.
Discover the journey…
The Client
A 71-year-old widow, blessed with five adult children, reached out to us. Her desire? To access funds from her unencumbered residence worth over £2.7M to support two of her children in their property ventures and further enhance her quality of life. With a robust income stream from multiple pensions, she had a clear vision: to service her mortgage interest monthly and to have the flexibility of borrowing additional sums for future assistance, should she need to.
The Challenge
Our client’s age, combined with her unique requirements, made for a non-standard borrowing scenario. Retirement Interest Only lending options initially considered were less than ideal. She wanted the freedom to borrow a significant amount, with an initial need of a large lump sum and potential future draws of a significant sum of money. And all this at a competitive rate.
The Solution
After assessing multiple avenues, we zeroed in on a Lifetime mortgage. Through careful negotiations and leveraging our profound market insights and strong ties with specialist lenders, we presented our client’s case compellingly. Our effort was focused on ensuring the lenders understood her strong financial standing and her specific borrowing needs.
The Outcome
Our relentless dedication bore fruit. We secured a lifetime mortgage for our client, with an added drawdown facility. The cherry on the cake? A competitively fixed interest rate for the life of the loan. The loan offered a low LTV ratio, with flexible interest servicing options tailored to our client’s desires.
This case epitomises our expertise in crafting tailored mortgage solutions, even in the face of unique challenges. Our commitment is unwavering: to harness our deep market insights and strong lender relationships to bring financial dreams to fruition.
Home reversion plans and lifetime mortgages are complex products. To understand the features and risks, ask for a personalised illustration.
Your home or property may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.
